United Rentals Financial Performance and Market Exposure
Balance sheet strength continues to improve
Leverage Ratio
4.6x (2)
Actual Forecast
(3)
3.6x
3.0x
(4)
3.1x
(5)
2.9x
2.9x
2.8x
2.7x
2.8x (6)
2.5x
2011
2012
2013
2014
2015
2016
2017
2018
2018PF
2019F
2.5x-3.5x targeted leverage range across the cycle
(1) Leverage Ratio calculated as total debt and QUIPS, net of cash, excluding original issuance discounts, premiums, and deferred financing divided by adjusted EBITDA.
(2) Pro Forma assumes RSC acquisition occurred on January 1, 2011 and excludes cost synergies.
(3) Pro Forma assumes RSC acquisition occurred on January 1, 2012.
(4) Reflects leverage as reported, which includes borrowings related to the acquisitions of both NES and Neff without full-year benefits of EBITDA contribution.
(5) Reflects leverage as reported, which includes borrowings related to the acquisitions of both Baker and BlueLine without full-year benefits of EBITDA contribution
(6) Reflects leverage pro forma, which includes borrowings related to the acquisitions of both Baker and BlueLine and assumes full-year benefits of EBITDA contribution from those acquisitions.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved.
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